Home Point Financial Corporation
Home Point Financial is a national top twenty mortgage lender focused on mortgage origination and servicing. Headquartered in Ann Arbor, Michigan, Home Point Financial operates in nearly 50 states and is dedicated to providing quality and consistency with every transaction. Our operating philosophy can be described very simply – We Care – with a mission to provide a superior customer experience through our innovative approach to product and service delivery.
3 times did not apply payment and or recalculate payment totals after escrow payments. This in tern created a late payment as it showed short, then a late fee, then a credit score reflection. All due to their lack of recalculation and not applying auto payments. HUGH fail and 0 customer service after as i tried to resolve their mistakes....
I received my first mortgage statement and they’re trying to charge me 500 extra a month! They claim that taxes were left out of the closing from the state. HOWEVER THERE ARENT STATE PROPERTY TAXES IN MY STATE. Every time you call you get a different person and a different answer to your questions. Even when they messed up, and admitted it, they want me to do the leg work to fix the issue. DO NOT USE THIS COMPANY. THEY ARE NOT HELPFUL NOR DO THEY CARE.
Homepoint didn't report to the credit bureaus for over 6 months until I called in constantly and finally had to write a letter to corporate in order to do so. Now I got an escrow analysis saying I'm thousands of dollars short. My loan office that works for Homepoint got together with my title agent and they reviewed my paperwork. They said there is no escrow shortage what soever. Called and called again, they reviewed it twice and said nope - still a shortage. My Loan Officer told me to only make the payment previous to the escrow shortage until we call in and get them on board. They won't accept my payment and are going to report me to the credit bureau. The only option is to re-finance or sell the home. My Loan Officer told me they had an acquisition and multiple customers are having the same problem. I wouldn't recommend this company to anyone and the Customer Service does nothing to help you out.
These people bought out the company I was working with to buy my home and caused a complete disaster. We did everything they asked. But it just seemed to be one problem after another. 4 days from the set closing date the original lady we had been working with sent me the time sensitive document for me to sign. I got it back to her asap. Then they called and said I had neglected to sign their own document which had never even been sent to me. They had sent this separate document to my mother who is not even the buyer. They refused to acknowledge their mistake and fix what they had done. The closing date which had been set months in advance and planned for ended up getting moved to the following Monday. Let me just say I am completely outdone with this company and I will be taking action to see that this NEVER happens again. Choose someone else. These people are a joke. To give them even one star is misleading
Watch your statements and keep an eye on your LTV & Payment count - it you don’t match their exact formula at the single point-in-time of one payment, they won’t automatically remove PMI or refund you for overage payments between the time it was to be removed and the date you contact them.
Home Point Financial was founded in 2015 and is headquartered in Ann Arbor, Mich. The company has grown substantially since it was founded. Total loan volume in 2017 was more than $9 billion, according to the Scotsman Guide.
Home Point Financial is currently licensed in all 50 U.S. states and Washington, D.C.
The application process with Home Point Financial is mostly digital. After providing some basic information via an online application, a mortgage advisor contacts the borrower by phone or email to review loan options.
The minimum credit score required for a mortgage with Home Point Financial depends on the loan program. The lender looks for a minimum credit score of 580 for FHA and VA loans, 620 for conventional and USDA loans, and 661 for jumbo loans.
Borrowers with lower credit scores who have other compensating factors that make them a good candidate for a loan could still be eligible, as Home Point Financial does offer manual underwriting.
Home Point Financial lends on the following types of properties:
The company does not lend on the following types of properties:
Home Point Financial offers a variety of loan programs for purchasing or refinancing a home or tapping into a home’s equity.
Home Point Financial’s Home Point Edge program is designed to help borrowers who might have a difficult time getting approved for a mortgage, including those who are self-employed or have had some credit issues.
The program currently has two tiers:
How to apply. You can start the loan application process online by creating an account and providing some basic information about yourself, your assets and income, and the type of property you’re interested in buying or refinancing.
Disclosure process. The online account you set up to begin the application process is also a portal for communicating with your mortgage advisor. Once you complete an application, you can sign disclosures and upload supporting documents via the portal. A Home Point Financial mortgage advisor will run your credit and work with you to decide on the best loan program for your situation.
Submitting loan for approval. Once you’ve decided on a loan program, your application and supporting documents will move on to an underwriter who will verify the information included in your application and may request additional documentation.
Final approval. Once your Home Point Financial mortgage advisor receives your appraisal, he or she finalizes approval.
Closing. Your mortgage advisor will work with you to select the closing time and place. Depending on the laws in the state where you live, this may take place at your real estate agent’s office, the title company or an attorney’s office.
Initial contact. A mortgage advisor will start the application process and help you decide on a loan program suited for your situation.
Underwriting. Once you complete your application and select a loan program, an underwriter may reach out to you to request additional documentation to verify your income, assets and debt. Throughout the process, you can check on the status of your loan and review and sign documents through your customer portal.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.